Yen trades near 32-year low against dollar and ‘goes into freefall,’ says XM analyst

The yen has fallen to its lowest level in more than three decades against the dollar, hurt by Japan’s refusal “to play the tightening game that foreign central banks like the Federal Reserve have spearheaded,” said XM senior investment analyst Marios Hadjikyriacos. This rates dynamic is one reason the yen has lost its safe-haven appeal. As of Tuesday, the Asian currency USDJPY, +0.05% was trading at 149.12 per dollar, near the key 150 level that analysts see as leading to another possible intervention. Hadjikyriacos said the yen’s fall comes as the currency “goes into freefall” and “Japan’s currency crisis has snowballed into a total meltdown.”